Jet fuel prices on Saturday were reduced by 2.2 per cent, reflecting a fall in international oil prices. Jet fuel or aviation turbine fuel (ATF) prices were cut by Rs 3,084.94 per kilolitre (kl), or 2.2 per cent, to Rs 1,38,147.93 per kl, a price notification of State-run fuel retailers showed on Saturday. 

This is only the second reduction in rates this year. Prices had peaked to Rs 1,41,232.87 per kl (Rs 141.23 per litre) last month. 

ATF prices are revised on the 1^st and 16^th of every month based on rates of benchmark international oil rates in the previous fortnight. There was no change in rates on July 1. 

Prior to that, prices were hiked by the steepest-ever 16 per cent to catapult rates to an all-time. 

International oil prices have softened since on fears of recession in major economies. Oil prices are at pre-Ukraine war levels. 

On June 16, the price of ATF – the fuel that helps aeroplanes fly – was increased by Rs 19,757.13 per kl. That followed a marginal 1.3 per cent (Rs 1,563.97 per kl) cut in rate on June 1. 

But for the one-off decrease on June 1, ATF prices have been on the rise throughout 2022. 

In all, rates have been increased by 11 times since the start of the year. This has led to rates almost doubling in six months.